Highlight of the Week: Peso Rises to Highest Level in 4 Years

Highlights of the Week: News, events and updates that are likely to affect your investments and trades in the Philippines stock market.

Manila (Philippine Daily Inquirer/ANN) - The peso strengthened further to its highest level in about four years, ending yesterday's trading day in the 41-to-a-dollar territory.

STOCKS hit a fresh peak yesterday on market hopes of easing by European and US central banks after fresh data showed the global economy hitting a new bump

The Philippine Stock Exchange index (PSEi) rallied by 1.23% or 65.46 points to close at 5,365.70, piercing the 5,360 resistance, while the broader all-share index gained 0.89% or 30.81 points to 3,506.34.

INDEX HEAVYWEIGHT Philippine Long Distance Telephone Co. (PLDT) has moved to distribute cash dividends for holders of its preferred stock, a disclosure to the Philippine Stock Exchange showed yesterday.

“We disclose that at the meeting of the board of directors of PLDT held on July 3, the board declared a final dividend of P0.0027 per day per outstanding share of Series GG 10% Cumulative Convertible Preferred Stock covering the period March 1 to Aug. 30,” the disclosure read.

THE BANGKO Sentral ng Pilipinas (BSP) yesterday said the peso’s appreciation was not yet worrisome but it was watchful of its impact on inflation.

The country’s exporters, meanwhile, said the peso’s appreciation to the P41-per-dollar level has started to hurt, dashing hopes of a recovery from the slump last year.

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